PHOENIX—Newport Beach-based FPA Multifamily,LLC purchased for more than $23.8 million Sierra Vista Iand II, located at 710 and 615 S. Hardy Dr. in Tempe, fromSierra Vista Apartments, LLC of Leawood, Kansas.The garden-style apartment community consists of 239 and 228 units,respectively.

Tyler Anderson, SeanCunningham, Brian Smuckler andJeff Seaman with CBRE's Phoenixoffice represented the seller. Bert Kempfert, alsowith CBRE, represented the buyer.

“Sierra Vista I and II offer a unique opportunity in anirreplaceable north Tempe location. The Tempe submarket is one ofthe most vibrant in the metropolitan area and will only continue togrow in the 21st century,” says CBRE's Smuckler. “This 18-acreproperty has the potential to be redeveloped as a new core-plusmultifamily community, capitalizing on not only the studentpopulation of ASU, but the numerous nearby mixed-use developmentprojects currently underway.”